3/30/10 – The major UK online and land gambling group Ladbrokes has confirmed breaking news at the weekend that Richard Glynn (45) is its choice to succeed Chris Bell as chief executive.
Glynn will assume his responsibilities on April 22nd, with his predecessor staying on for a short transitional period, the company announced this week.
Ladbrokes chairman Peter Erskine, who is believed to have played a key role in Glynn's selection, said: "Richard combines entrepreneurial energy with industry experience.
"His nine years' experience of the betting and gaming industry, combined with his successful transformation of Sporting Index into a leading international and innovative spread betting business makes him ideally suited to lead the reinvigoration of Ladbrokes."
The top job comes with a salary of GBP 580 000 a year and 1.177 million shares in the company – currently worth some GBP 1.75 million – on appointment. The UK business media report that this is slightly less than his predecessor's package. Glynn will be incentivised by a further 4 million shares dependent on meeting agreed performance targets over the next 5 years.